12A:8-601. Savings Clause.
181 words·~1 min read·
/nj/title-12a/chapter-8/12a-8-601A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. This act does not affect an action or proceeding commenced before this act takes effect.
b. If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this act, no further action is required to continue perfection. If a security interest in a security is perfected at the date this act takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this act, the security interest remains perfected for a period of four months after the effective date and continues perfected thereafter if appropriate action to perfect under this act is taken within that period.
If a security interest is perfected at the date this act takes effect and the security interest can be perfected by filing under this act, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.
L.1997,c.252,s.1.